Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows:
* December 2020: $200,000 which is franked to 50%
* April 2021: $240,000 which is franked to 50%, and
* June 2021: $230,000 which is franked to 80%.

Required
a) Advise Antiques Lid of their benchmark franking percentage
b) Determine the tax consequences for the distributions paid during the 2020/2021 franking period including any extra taxes paid and any adjustments to the franking account.